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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cybit Hldgs | LSE:CYH | London | Ordinary Share | GB00B04QS651 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 73.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5690E CybIT Holdings PLC 14 June 2006 Cybit Holdings Plc ("Cybit" or "the Group") Acquisition of Bluefinger Limited for #1.62m > Acquisition of vehicle telematics business with 200 customers and 3,700 vehicles cementing Cybit's position as the UK's market leader in Internet based solutions of this kind > Acquisition of maritime telematics business delivering high value Economic Exclusion Zone (EEZ) solutions to a global client base including the UK and international governments > Additional complementary solutions and intellectual property to further complement Cybit's growing solutions portfolio > Acquisition represents significant extension to and expansion of Cybit's core business in a high growth environment > Addition of approximately #750k of high margin, annualised, service based revenues expected Cybit, the UK's leading online telematics service provider, announces the acquisition of Bluefinger, a vehicle and maritime telematics business, for a total consideration of #1.62m, including #0.5m of debt. The consideration will be met by the allotment of 2,095,102 shares and future warrants to the value of #593,850. The warrants will be issued on 1 August 2006. Consequently, application has today been made for 2,095,102 Cybit shares to be admitted to trading on AIM. The new ordinary shares will rank pari passu with the Company's existing ordinary shares and trading is expected to commence on 19 June 2006. After admission 21,959,656 Cybit shares will be in issue In the year to 31 July 2005, Bluefinger reported turnover of #3.3m (2004: #3.3m), a profit before tax of #36,000 (2004: #121,000) and net assets of #769,000. The result for the year to 31st July 2006 has been adversely impacted by a lack of new maritime and vehicle based contract awards due to the management team having been focussed on a potential IPO of the business. Bluefinger, which is based in Somerset, was formed following a management buy-out of the maritime telematics business of Thales Tracs, a world leader in maritime systems. Since the buy-out, Bluefinger's management has successfully developed a significant vehicle telematics division. Today, the division has approximately 200 customers covering a vehicle base of some 3,700. A number of synergies between this division and Cybit's business have been identified. The acquisition of Bluefinger will cement Cybit's position as the UK's market leader in Internet based solutions of this kind. Bluefinger's maritime telematics are used predominantly by government agencies to protect and manage sovereign assets including valuable fish stocks. Current customers include the UK, Tanzanian and Ghanaian governments and the Southern African Development Community. Within an overall multi-billion pound market, it is estimated that Bluefinger currently has a 30% share of available contracts in its specific target sector. With an increased focus on coastal security around the world, the management believes that this is an expanding marketplace with high barriers to entry and commensurately attractive margin levels. Additionally, Bluefinger is involved in the development of technology to track light aircraft. Richard Horsman, Chief Executive Officer, Cybit, added: "I am delighted that we have completed the acquisition of Bluefinger. This is a significant milestone for Cybit, reinforcing our position as the UK's market leader in Internet-based telematics solutions for vehicle operators and extending our reach into the maritime arena where we see new and exciting opportunities." 14 June 2006 Enquiries: Cybit Tel: 01480 389100 Richard Horsman, Chief Executive Officer College Hill Tel: 020 7457 2020 Mark Garraway Notes to Editors: Bluefinger Bluefinger has developed a major presence in vehicle telematics including server-based solutions. Additionally, the company is recognised as one of the world's leading suppliers of Economic Exclusion Zone ("EEZ") management solutions to coastal states that cover all aspects of Coastal Surveillance, Monitoring and Control. Bluefinger specialises in providing low cost, effective solutions that can be fully integrated to provide an accurate picture of the maritime environment. Additional information is available at www.bluefinger.com Cybit Cybit is a leading Internet-based Telematics Service Provider (TSP) and supplier of fleet and asset management solutions to the business-to-business sector. Cybit's solutions portfolio includes vehicle tracking and management, lone worker support and car pool management. Hundreds of companies across a wide range of industries already use Cybit's online solutions to improve the management and control of their fixed and mobile assets. Additional information is available at www.cybit.co.uk This information is provided by RNS The company news service from the London Stock Exchange END ACQEAAKLFAKKEFE
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